3D Printing Market Future Forecast 2023 |Know How It Will Impact Smart Phones, Healthcare and Automotive Industry
The global 3D Printing Market was valued at US$ 8.63 Bn in 2018 and expected to reach US$ 34.5 Bn by the end of the forecast period, growing at a CAGR of 24.2% during the period from 2018 to 2023.
Dublin, United States – January 30, 2019 /MarketersMedia/ —
Summary:
The global 3D Printing Market was valued at US$ 8.63 Bn in 2018 and expected to reach US$ 34.5 Bn by the end of the forecast period, growing at a CAGR of 24.2% during the period from 2018 to 2023.
3D printing is also known as additive printing technology or desktop fabrication that allows the manufacturers to develop different objects with the help of printing materials and digital file. The materials that are used in 3D printing include metals, polymers and ceramics. 3D printing offers different methodologies that makes manufacturing of the complex design into apparent reality. The automotive and consumer electronics industry each contribute 20% of the 3D printing revenue. These industries use the technology during the prototyping stage of production process. For instance, the manufacturers of smart phones are slowly using 3D printing not only for prototyping but also some component parts that are manufactured with the help of 3D methods.
Increase in the usage of 3D printing in the automotive industry is boosting the market growth over the years. 3D printing reduces the weight of the vehicle, improves the performance of the car and increases fuel economy. Moreover, 3D printing can increase the speed of the delivery and development for the customized products and also minimizes the maintenance cost. In May 2018 BMW launched a bike that consisted of 3D printed frame and also a swing arm that is manufactured by the 3d technologies. However, high cost high cost associated with the 3D printing technologies is a major factor that is restraining the global market. There are several factors that lead to high prices of 3D printing devices. For instance, the software required to operate the 3D printers are expensive and regular updates are required in order to keep it effective and efficient. In addition to this 3D printing cannot be adopted by all the industries due to the high entry cost of the goods associated with 3D printing.
Recent Developments in the Market:
Stratasys Ltd. Offers production of prototypes, digital manufacturing parts that are used in the processes of manufacturing and designing products. The company recently announced that the French manufacturer of aerospace Latécoère deployed Fortus 450 mc 3D printer into the manufacturing and designing process in order to gain operational efficiency.: In Aug 2018 Proto Labs Inc. announced the addition of Multi Jet Fusion to its suite of 3D printing technologies. The production grade 3D printing technology developed by HP helps to build fully functional prototypes and the production parts at an accelerated speed, consistent mechanical properties and detailed precision
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U.S, North America: In Dec 2018 Protolabs, a manufacturing and 3D printing service has become a founding member of the new Massachusetts Institute of Technology (MIT) Centre for Additive and Digital Advanced Production Technologies (ADAPT). The strategy focuses upon upscaling the manufacturing technology through research. The different companies are Renishaw, Volkswagen, General Motors among others
Materialise: In Nov 2017 Materialise collaborated with Siemens in order to bring 3D printing capabilities to hospital the partners will provide software that is necessary to make the anatomical models using the patient data and added another dimension to the field of medical imaging
Key Questions Answered into the Report:
What is the market value and volume of the overall market and segments?
What are the key segments and sub-segments in the market?
Which is the largest sub-segment in each segment in the scope of the study?
What are the key drivers, restraints, opportunities and challenges in xx market and how are they expected to impact the market?
What are the attractive segments and geographies to invest in?
What is the market value and volume at the regional and country level?
Who are the key market players and their key competitors?
Who are the key market players at different stages of the value chain?
What are the strategies for growth adopted by the key players in the market?
How does a particular company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness and market capitalization?
How financially strong are the key players in the market (revenue and profit margin, market capitalization, expenditure analysis, investment analysis)?
What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
Related Reports on 3D Printing Market:
Global 3D Printing Market Summary Report
Global 3D Printing Market Segmentation Report
Global 3D Printing Market Regional Report
Global 3D Printing Market Competitive Intelligence & Company Profiles Report
Global 3D Printing Market Stat Book
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